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OPEC Caps Nigeria’s Oil Output At 1.8m bpd

OPEC Caps Nigeria’s Oil Output At 1.8m bpd

The Organization of Petroleum Exporting Countries (OPEC) yesterday approved the capping of Nigerian oil production at 1.8 million barrel per day (bpd). Accordingly, OPEC called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. A ministerial committee of OPEC and non-OPEC known as the Joint… READ MORE

Uncertainty lingers over planned oil exploration in Chad Basin

Uncertainty lingers over planned oil exploration in Chad Basin

Few days to the deadline set by the Nigerian National Petroleum Corporation (NNPC) to resume oil exploration in Borno state, indications have emerged that the planned exercise may not take place soon, Leadership reports. None of the sophisticated equipment for the operation has been moved to the site earmarked for the commencement of the exercise… READ MORE

NNPC: Nigeria earns $2.5bn from oil, gas export

NNPC: Nigeria earns $2.5bn from oil, gas export

Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, according to the Nigerian National Petroleum Corporation (NNPC). Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, according to the Nigerian National Petroleum Corporation (NNPC). NNPC, which made… READ MORE

Nigerian crude oil exports threaten market balance

Nigerian crude oil exports threaten market balance

Oil export operations in Nigeria are back in service following repairs, a division of Royal Dutch Shell said, adding to lingering supply-side concerns. A spokesperson for the Shell Petroleum Development Company of Nigeria Ltd said the company lifted force majeure, a contractual condition related to circumstances beyond the control of the parties involved, for exports… READ MORE

OPEC Production Spikes – Has The Cheating Begun?

OPEC Production Spikes – Has The Cheating Begun?

OPEC’s crude oil production increased by 270,000 bpd in May over April, to stand at 32.12 million bpd–the highest level since January this year–as exempt Libya and Nigeria saw their respective output sharply recovering, according to an S&P Global Platts survey. Despite the high compliance from the cartel’s biggest producer and de facto leader Saudi… READ MORE

UPDATE 1-Nigeria’s June oil exports poised to hit 15-month high on Forcados plan

UPDATE 1-Nigeria’s June oil exports poised to hit 15-month high on Forcados plan

Nigeria issued its first Forcados oil loading plan since 2016, putting the nation’s June oil exports on track to hit their highest level in at least 15 months. The plan, if realised, would return loadings by Nigeria, normally West Africa’s biggest oil exporter, to levels not seen since militant attacks in the oil-rich Niger Delta… READ MORE

NLNG signs Service Level Agreement with NCDMB on compliance

NLNG signs Service Level Agreement with NCDMB on compliance

The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Liquefied Natural Gas (NLNG) Limited have signed a Service Level Agreement (SLA), committing to compliance with the provisions of the Nigerian Content Act and timely approvals of documents, ThisDay reports. The Executive Secretary of NCDMB, Mr. Simbi Wabote and the Managing Director of NLNG,… READ MORE